Web services firm Razorfish on
Monday boosted its presence in Europe with the acquisition of Qb
International Holding AB, a Swedish IT consulting company, in a transaction
valued at $20.1 million.
Financial terms of the acquisition weren’t disclosed.
The deal gives Razorfish another 40 employees in the fast-growing European
market, where the company already has more than half its employees.
Back in
August of 1998, Razorfish acquired Spray Network, a Stockholm-based agency
with offices across Northern Europe. That deal gave it a foothold in the
region, and the latest acquisition adds to its arsenal of employees.
“We see aggressive growth in the European marketplace and we’re preparing
for this expansion with today’s acquisition,” says Jeff Dachis, chief
executive officer and president of Razorfish.
The purchase also adds to Razorfish’s knowledge base, since Qb
International Holding is said to have experience building projects
involving networked devices in the home.
Qb International’s client list includes RSV (The National Tax Board), SPP
(a fund manager), Skandia, Vattenfall and Ericsson.